Technical analysis
The EURUSD has broken above a large falling wegde pattern on the daily time frame, and has stopped making new lower daily lows.
According to the daily time frame the EURUSD pair has significant amounts of bullish MACD price divergence extending up to 1.1975. This increases the chances of a price rebound.
What the possible outcomes are
In our most likely scenario, the EURUSD pair will eventually rise back towards the 1.1970 level in order for bullish MACD price divergence to be reversed.
Alternatively, the EURUSD could test the top the falling wedge pattern, around the 1.1785 level, one final time before rising.
Key levels
Support 1.1785 1.1720
Resistance 1.1845 1.1970
